The global oilfield process chemicals market to grow at a CAGR of 5.40% during the period 2017-2021.

Global Oilfield Process Chemicals Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

One trend in the market is rising demand for novel chemical products. The oil and gas industry is continuously compelling the oilfield process chemical manufacturers to develop and launch innovative products that meet an extensive range of challenges in terms of quality, pumpability, reliability, deliverability, and environmental compliance along with the required performance standards.

According to the report, one driver in the market is increased demand for energy. The ever-growing demand for energy has resulted in an increase in onshore and offshore exploration activities. This rise in exploration activities is driving the market for oilfield process chemicals. Crude oil and natural gas play a critical role in the global energy supply chain. In 2016, crude oil emerged to be the largest source of energy around the world accounting for approximately 35% of the global energy demand. The rising oil demand, leading to an increase in exploration and production activity, is enhancing the demand for oilfield process chemicals.

Further, the report states that one challenge in the market is volatile crude oil prices. Persistent price variations of oil pose a major threat to the global oilfield process chemicals market. Owing to the supply-demand variabilities and the unprecedented political situation in the Middle East, which has the major share of world's oil supply, there is an instability in the price of crude oil in the foreign market. This instability has intentionally increased the prices of oilfield process chemicals. Therefore, the manufacturers of oilfield process chemicals are unable to plan and produce accordingly because of the fluctuating crude oil prices.